Apollo Global Management has named Marc Spilker, a former Goldman Sachs Group executive, to the new position of president, as the private equity firm bolsters its management ranks to ready itself for life as a publicly traded company. Mr. Spilker, who joins Apollo on Wednesday, will run the day-to-day operations of Apollo and sit on [...]
To win over an audience, performers are advised to make ‘em laugh. To win over shareholders in a takeover, executives and their private equity partners are advised to make ‘em rich. Investors have long been resistant to management-led buyouts, complaining about lowball offers. But a raft of recent deals — including the $3 billion buyout [...]
10:41 p.m. | Updated The Office of Management and Budget has a director again — and he looks familiar.
Jacob J. Lew, confirmed for the position tonight on a voice vote in the Senate, will be coming back to the office he left in January 2001, turning over to his success about $236 billion in surplus funds.
But on Day One, he will be facing a federal deficit that has hit $1.4 trillion and is still growing.
When President Obama nominated Mr. Lew in July to replace Peter R. Orszag, he said, “’If there was a Hall of Fame for budget directors, then Jack Lew surely would have earned a place for his service in that role under President Clinton when he helped balance the federal budget after years of deficits.’’
The confirmation of Mr. Lew, currently a deputy secretary of state, had been delayed by a hold placed by Senator Mary Landrieu of Louisiana, in protest of the Obama administration’s
moratorium on deep-water oil and gas drilling in the Gulf of Mexico.
In a statement tonight, she said she had released the hold because she had
“received a commitment from Interior Secretary Ken Salazar to provide certainty and regulatory clarity to an industry that has operated in the dark for months with shifting rules.”
Meanwhile, Mr. Obama himself issued a statement applauding the Senate’s action.
“I am pleased that Jack Lew has been confirmed, with wide bipartisan support, to serve as my next director of the Office of Management and Budget,” Mr. Obama said in the statement.
”He brings unparalleled experience and wisdom to this important job at a critical time in our nation’s history,” the president continued. “After years of irresponsibility in Washington, we need to make the tough choices to put our country back on a sustainable fiscal path and lay the foundation for long-term job creation and economic growth. We need to cut waste where we find it and create a government that is efficient, effective, and responsive to the American people. I am confident Jack Lew can lead us in these efforts, and look forward to working with him in the days ahead.”
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The hedge fund manager David Tepper has done well again by betting on the moves of Washington. Mr. Tepper, who runs Appaloosa Management, a $14 billion hedge fund in Short Hills, N.J., told CNBC in late September that the Federal Reserve’s willingness to intervene in the market with quantitative easing meant that most investments — [...]
Hopu Investment Management, a Chinese private equity firm started by two former Goldman Sachs bankers in 2008, has decided not to raise a second fund in a move that signals the investment vehicle is winding down, The Financial Times reported. Hopu, whose goal was to compete with the likes of the Carlyle Group and TPG [...]
The Och-Ziff Capital Management Group, the hedge fund manager run by Daniel S. Och, reported quarterly distributable earnings of $52.1 million, up from $32.4 million in the period a year earlier, on higher fee income resulting from net inflows. “During the third quarter and in the month of October, we again generated positive, risk-adjusted returns,” [...]
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